During which stage of the product life cycle does the marketer spend little money in the promotional mix?

In a feedback loop, a response refers to

the positive or negative feedback that a consumer expresses immediately after exposure to a company's message.

the impact, either positive or negative, that occurs when one consumer interprets a firm's message through word of mouth to another potential consumer using his or her own words.

the length of time required for a typical customer to associate a specific slogan, theme, melody, or logo with a specific product brand.

the impact the message had on the receiver's knowledge, attitude, or behaviors during the communications process.

the number of times a consumer must hear a message before it can be accurately decoded.

Sales promotions are a short-term promotional technique where a company lowers prices to attract more customers and revenue quickly. The product life cycle includes four stages of development all products go through -- introduction, growth, maturity and decline. Companies may use a sales promotion at any point in a product's life cycle, though the reasons vary. Some products are promoted throughout the life cycle, while others are promoted early or late in the process.

Introduction

1. Introduction and decline stages are usually the most consistent points at which sales promotions occur. During the introduction stage, a company launches a product, and sales usually come from cutting-edge buyers or early adopters anxious to fill an unmet need or get the latest gadget. In highly competitive industries, companies often use sales promotions at a product launch to quickly lure customers away from competitors. A new brand of potato chips, for instance, might appear in displays at a steep discount at launch to attract attention from chip consumers.

Growth

1. During the growth phase, the snowball effect occurs, and product sales grow as more customers become aware of its benefits. Promotions are not nearly as common during this stage, because the market generally is aware of the product, and momentum has begun to build. However, products that struggled at launch may still be promoted in early growth stages to provide a spark to sales.

Maturity

1. In the maturity stage, competitors have often entered the market, and the bulk of the customer market has become aware of the product. Sales growth has plateaued. The level of sales promotions in the maturity stage depends somewhat on competition. In highly competitive industries, companies may use promotions to maintain relationships with customers in advance of a new version or replacement product launch in the near future. Similar to the growth stage, though, sales promotions aren't as necessary in this stage.

Decline

1. In the decline stage, product sales have begun to fall off, because most customers that wanted the product have it. As with introduction, this is a common stage were companies use promotions. The motive is different, though. Companies normally want to clear out remaining inventory of products and generate whatever revenue and cash they can. A new product launch is likely pending, and the business wants to make room in the market for the next generation.

1. A product life cycle is the typical stages a product goes through during its lifetime. The product life cycle is broken down into five different stages, which include the development, introduction, growth, maturity and decline stages of the product. Characteristics for each stage differ and in response to the different needs of the product as it moves through its life cycle, the market mix (various marketing tactics) used during these stages differ as well. Understanding the product life cycle can help business owners and marketing managers plan a marketing mix to address each stage fully.

Development Stage

1. During the development stage, the product may still be just an idea, in the process of being manufactured or not yet for sale. In this stage, the marketing mix is in the planning phase, so rather than implementing marketing strategies, the product producer is researching marketing methods and planning on which efforts the company intends on using to launch the product. The marketing mix for this stage includes ways to bring awareness of the product to potential customers through marketing campaigns and special promotions.

Introduction Stage

1. As the product hits the market, it enters the introduction stage of the product life cycle. Because it is a new product that customers are not yet aware of, the product sales during the introduction stage are generally low. At this time, marketing expenses are generally high because it requires a lot of effort to bring awareness to the product. The marketing mix during this stage of the product life cycle entails strategies to establish a market and create a demand for the product.

Growth Stage

1. As customers become aware of the product and sales increase, the product enters into the growth stage of the product life cycle. Marketing tactics during the growth stage requires branding that differentiates the product from other products in the market. Marketing the product involves showing customers how this product benefits them over the products sold by the competition—also known as building a brand preference.

Maturity Stage

1. As the product gains over its competition, the product enters the maturity stage of the product life cycle. The marketing mix during this stage involves efforts to build customer loyalty, typically accomplished with special promotions and incentives to customers who switch from a competitor’s brand.

Decline Stage

1. Once a product market is over saturated, the product enters into the decline stage of the product life cycle. This is the stage where the marketing mix and marketing efforts decline. If the product generated loyalty from customers, the company can retain customers during this stage, but does not attract new sales from new customers. For the marketing mix that remains during the decline stage, the focus is generally on reinforcing the brand image of the product to stay in a positive light in the eyes of the product's loyal customers.

During which stage of the product life cycle does the marketer spend little money in the promotional mix quizlet?

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